Liberty Latin America Ltd.LILA
Liberty Latin America Ltd. Debt Disclosure
Debt and Finance Lease Obligations
The U.S. dollar equivalents of the components of our debt are as follows:
| December 31, 2025 | Estimated fair value (c) | Principal amount | |||||||||||||||||||||||||||||||||||||||
| Weighted average interest rate (a) | Unused borrowing capacity (b) | ||||||||||||||||||||||||||||||||||||||||
| Borrowing currency | US $ equivalent | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||||||||||||||
C&W Notes | 7.93 | % | — | $ | — | $ | 1,793.8 | $ | 1,707.2 | $ | 1,755.0 | $ | 1,735.0 | ||||||||||||||||||||||||||||
| C&W Credit Facilities (d) | 6.62 | % | (e) | 687.5 | 2,603.7 | 2,671.0 | 2,646.2 | 2,690.2 | |||||||||||||||||||||||||||||||||
LPR Senior Secured Notes | 6.08 | % | — | — | 1,285.5 | 1,709.1 | 1,981.0 | 1,981.0 | |||||||||||||||||||||||||||||||||
LPR Credit Facilities | 8.15 | % | $ | 116.0 | 116.0 | 431.8 | 598.9 | 676.5 | 670.0 | ||||||||||||||||||||||||||||||||
| 2030 LPR Term Loan | 9.75 | % | $ | 50.0 | 50.0 | 200.0 | — | 208.0 | — | ||||||||||||||||||||||||||||||||
| LCR Credit Facilities | 10.43 | % | $ | 60.0 | 60.0 | 538.0 | 481.7 | 515.0 | 450.0 | ||||||||||||||||||||||||||||||||
| Vendor financing, Tower Transactions and other (f) (g) | 7.90 | % | — | — | 568.1 | 612.6 | 568.1 | 612.6 | |||||||||||||||||||||||||||||||||
| Total debt before premiums, discounts and deferred financing costs | 7.29 | % | $ | 913.5 | $ | 7,420.9 | $ | 7,780.5 | $ | 8,349.8 | $ | 8,138.8 | |||||||||||||||||||||||||||||
The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
Total debt before premiums, discounts and deferred financing costs | $ | 8,349.8 | $ | 8,138.8 | |||||||
| Premiums, discounts and deferred financing costs, net | (79.3) | (63.2) | |||||||||
Total carrying amount of debt | 8,270.5 | 8,075.6 | |||||||||
Finance lease obligations | 8.7 | 4.6 | |||||||||
| 8,279.2 | 8,080.2 | ||||||||||
Less: Current maturities of debt and finance lease obligations | (408.8) | (465.7) | |||||||||
Long-term debt and finance lease obligations | $ | 7,870.4 | $ | 7,614.5 | |||||||
(a)Represents the weighted average interest rate in effect at December 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
(b)Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2025, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the December 31, 2025 compliance reporting requirements. At December 31, 2025, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.
(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 4.
(d)Includes other facilities that are generally repaid in three annual installments.
(e)The C&W Credit Facilities unused borrowing capacity comprises certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.
(f)Includes Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our consolidated balance sheets. During 2025 and 2024, we received proceeds of $3 million and $9 million, respectively, related to the Tower Transactions, which are included in borrowings of debt in our consolidated statements of cash flows.
(g)Includes amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year, other
than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Changes in our vendor financing obligations are set forth below:
| Year ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| in millions | |||||||||||
| Balance at beginning of period | $ | 327.7 | $ | 299.1 | |||||||
| Operating expenses financed by an intermediary (i) | 201.1 | 198.8 | |||||||||
| Assets acquired under capital-related vendor financing arrangements (ii) | 123.9 | 154.9 | |||||||||
| Principal payments on vendor financing obligations (iii) | (346.0) | (324.5) | |||||||||
| Foreign currency translation adjustments and other | (1.2) | (0.6) | |||||||||
| Balance at end of period | $ | 305.5 | $ | 327.7 | |||||||
| Current portion | $ | 302.1 | $ | 324.7 | |||||||
| Long-term portion | $ | 3.4 | $ | 3.0 | |||||||
(i)Our operating expenses include $201 million, $199 million and $177 million for 2025, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our consolidated statements of cash flows.
(ii)Amounts are reflected on the borrowing date as a non-cash increase to property and equipment additions. For additional information, see notes 7 and 17.
(iii)Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our consolidated statements of cash flows.
General Information
At December 31, 2025, all of our outstanding debt had been incurred by one of our three primary “borrowing groups”: C&W, Liberty Puerto Rico and Liberty Costa Rica. Unless stated otherwise, all of our borrowings are denominated in U.S. dollars.
Credit Facilities. Each of our borrowing groups and unrestricted subsidiaries have entered into one or more credit facility agreements with certain financial institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows:
•Our credit facilities (with the exception of Liberty Puerto Rico unrestricted subsidiaries’ 2030 LPR Term Loan) contain certain net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis;
•Our credit facilities contain certain restrictions which, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions, and (iv) make certain restricted payments to their direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants;
•Our credit facilities require that certain entities of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such entities are required to have first-ranking security granted over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;
•In addition to certain mandatory prepayment events, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);
•Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand;
•Our credit facilities require entities of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and
•In addition to customary default provisions, our credit facilities generally include certain cross-default and cross-acceleration provisions with respect to other indebtedness of entities of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions.
Senior and Senior Secured Notes. Our C&W and Liberty Puerto Rico borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future debt of such issuer and, in the case of our senior secured notes, are senior to all existing and future subordinated debt of each respective issuer within the relevant borrowing group, (ii) contain, in most instances, guarantees from other entities of the relevant borrowing group (as specified in the applicable indenture) and (iii) are secured by pledges over the shares of certain entities of the relevant borrowing group and, in certain instances, over substantially all of the assets of those entities. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows:
•Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of the issuer or certain other members of the relevant borrowing group, over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes;
•Our notes contain certain restrictions that, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions and (iv) make certain restricted payments to its direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; and
•If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%.
Borrowing Groups – Outstanding Debt Instruments
C&W Notes
The details of the outstanding C&W Notes as of December 31, 2025 are summarized in the following table:
| C&W Notes | Maturity | Interest rate | Outstanding principal amount | Carrying value (a) | ||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||
| 2032 C&W Senior Secured Notes | October 15, 2032 | 7.125 | % | $ | 1,000.0 | $ | 990.4 | |||||||||||||||||||
| 2033 C&W Senior Notes | January 15, 2033 | 9.000 | % | 755.0 | 746.6 | |||||||||||||||||||||
| Total | $ | 1,755.0 | $ | 1,737.0 | ||||||||||||||||||||||
(a)Amounts are net of deferred financing costs.
Redemption Rights. The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture). Some or all of the 2032 C&W Senior Secured Notes and 2033 C&W Senior Notes may be redeemed at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:
| Redemption Price | |||||||||||
| 2032 C&W Senior Secured Notes | 2033 C&W Senior Notes | ||||||||||
| 12-month period commencing: | October 15 | January 15 | |||||||||
| 2025 | (a) | (b) | |||||||||
| 2026 | (a) | (b) | |||||||||
| 2027 | 103.563% | (b) | |||||||||
| 2028 | 101.781% | 104.500% | |||||||||
| 2029 | 100.000% | 102.025% | |||||||||
| 2030 and thereafter | 100.000% | 100.000% | |||||||||
N/A – Not applicable.
(a)At any time prior to October 15, 2027, (i) we may redeem in whole or in part the 2032 C&W Senior Secured Notes by paying a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on October 15, 2027 plus the present value of all remaining scheduled interest payments through October 15, 2027 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, (ii) we may redeem during each 12-month period commencing on the issue date up to 10% of the original aggregate principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes redeemed plus accrued and unpaid interest as of the redemption date and (iii) we may redeem up to 40% of the aggregate principal amount of the 2032 C&W Senior Secured Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 107.125% of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.
(b)At any time prior to January 15, 2028, (i) we may redeem in whole or in part the 2033 C&W Senior Notes by paying a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on January 15, 2028 plus the present value of all remaining scheduled interest payments through January 15, 2028 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, and (ii) we may redeem up to 40% of the aggregate principal amount of the 2033 C&W Senior Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 109% of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.
C&W Credit Facilities
The details of our borrowings under the C&W Credit Facilities as of December 31, 2025 are summarized in the following table:
C&W Credit Facilities | Maturity | Interest rate | Unused borrowing capacity | Outstanding principal amount | Carrying value (a) | |||||||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||||||||
| 2027 C&W RCF | January 30, 2027 | Adjusted Term SOFR + 3.25% (b) | $ | 152.0 | $ | — | $ | — | ||||||||||||||||||||||||
2029 C&W RCF (c) | April 15, 2029 | Term SOFR + 3.25% (b) | 456.0 | — | — | |||||||||||||||||||||||||||
| C&W Term Loan B-6 Facility | October 15, 2029 | Adjusted Term SOFR + 3.0% (b) | — | 590.0 | 585.0 | |||||||||||||||||||||||||||
| C&W Term Loan B-7 Facility | January 31, 2032 | Term SOFR + 3.25% (b) | — | 1,530.0 | 1,514.9 | |||||||||||||||||||||||||||
| 2028 CWP Term Loan | January 18, 2028 | 4.25% | — | 435.0 | 432.9 | |||||||||||||||||||||||||||
C&W Regional Facilities (d) (e) | various dates ranging from 2026 to 2038 | 7.35% (f) | 79.5 | 91.2 | 91.1 | |||||||||||||||||||||||||||
| Total | $ | 687.5 | $ | 2,646.2 | $ | 2,623.9 | ||||||||||||||||||||||||||
(a)Amounts are net of discounts and deferred financing costs, as applicable.
(b)Subject to a SOFR floor of 0 basis points.
(c)Has a fee on unused commitments of 0.5% per year.
(d)The unused borrowing capacity on the C&W Regional Facilities comprises certain U.S. dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities.
(e)The outstanding principal amount on the C&W Regional Facilities comprises certain JMD, U.S. dollar and East Caribbean dollar denominated credit facilities.
(f)Represents a weighted average rate.
LPR Senior Secured Notes
The details of the outstanding LPR Senior Secured Notes as of December 31, 2025 are summarized in the following table:
| LPR Senior Secured Notes | Maturity | Interest rate | Outstanding principal amount | Carrying value (a) | ||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||
| 2027 LPR Senior Secured Notes | October 15, 2027 | 6.750% | $ | 1,161.0 | $ | 1,155.9 | ||||||||||||||||||||
| 2029 LPR Senior Secured Notes | July 15, 2029 | 5.125% | 820.0 | 816.2 | ||||||||||||||||||||||
| Total | $ | 1,981.0 | $ | 1,972.1 | ||||||||||||||||||||||
(a)Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.
Redemption Rights. The LPR Senior Secured Notes are subject to certain redemption rights (as specified in the applicable indenture). LCPR Senior Secured Financing may redeem some or all of the 2027 LPR Senior Secured Notes and 2029 LPR Senior Secured Notes at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date:
| Redemption Price | |||||||||||
| 2027 LPR Senior Secured Notes | 2029 LPR Senior Secured Notes | ||||||||||
| 12-month period commencing: | October 15 | July 15 | |||||||||
| 2025 | 100.000% | 101.281% | |||||||||
| 2026 and thereafter | 100.000% | 100.000% | |||||||||
LPR Credit Facilities
2030 LPR Credit Agreement
On September 23, 2025, through the Unrestricted Subsidiaries, we entered into the 2030 LPR Credit Agreement that provides for, among other things, (i) the 2030 LPR Term Loan, which we borrowed during the third quarter of 2025, (ii) delayed draw term loan commitments in an aggregate principal amount of $50 million and (iii) uncommitted pari passu incremental term loans of up to $350 million aggregate principal amount.
The obligations under the 2030 LPR Credit Agreement are secured by substantially all of the assets of the Unrestricted Subsidiaries, consisting of, among other things, spectrum and fixed network assets.
2030 LPR Term Loan
The 2030 LPR Term Loan may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time in whole or in part, subject to payment of the following prepayment fees: (i) on or prior to the month anniversary of the closing date (i.e., March 23, 2026), 0%; (ii) after the six month anniversary of the closing date and on or prior to the first anniversary of the closing date, 3%; (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date, 1.00%; and (iv) thereafter, 0%. Subsequent to December 31, 2025, we borrowed the remaining $50 million of unused borrowing capacity under the 2030 LPR Credit Agreement.
Interest on the 2030 LPR Term Loan is payable quarterly, commencing on December 31, 2025, and at maturity.
The details of our borrowings under the LPR Credit Facilities as of December 31, 2025 are summarized in the following table:
| LPR Credit Facilities | Maturity | Interest rate | Unused borrowing capacity | Outstanding principal amount | Carrying value (a) | |||||||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||||||||
| LPR Revolving Credit Facility (b) | March 15, 2027 | Adjusted Term SOFR + 3.50% | $ | 116.0 | $ | 56.5 | $ | 56.5 | ||||||||||||||||||||||||
2028 LPR Term Loan | October 15, 2028 | Adjusted Term SOFR + 3.75% (c) | — | 620.0 | 617.9 | |||||||||||||||||||||||||||
2030 LPR Credit Agreement (d) | September 23, 2030 | 9.75% | 50.0 | 208.0 | 195.8 | |||||||||||||||||||||||||||
| Total | $ | 166.0 | $ | 884.5 | $ | 870.2 | ||||||||||||||||||||||||||
(a)Amounts are net of discounts and deferred financing costs, as applicable.
(b)Has a fee on unused commitments of 0.5% per year.
(c)Subject to a SOFR floor of 0 basis points.
(d)Has a fee on unused commitments of 1.0% per year.
LCR Credit Facilities
The details of the LCR Credit Facilities as of December 31, 2025 are summarized in the following table:
| LCR Credit Facilities | Maturity | Interest rate | Unused borrowing capacity | Outstanding principal amount | Carrying value (a) | |||||||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||||||||
| LCR Revolving Credit Facility (b) | January 15, 2028 | Adjusted Term SOFR + 4.25% | $ | 60.0 | $ | — | $ | — | ||||||||||||||||||||||||
2031 LCR Term Loan A (c) | January 15, 2031 | 10.875% | — | 50.0 | 49.2 | |||||||||||||||||||||||||||
2031 LCR Term Loan B (c) | January 15, 2031 | 10.875% | — | 400.0 | 390.4 | |||||||||||||||||||||||||||
| 2033 LCR Term Loan A | August 14, 2033 | Term SOFR + 3.50% | — | 65.0 | 63.1 | |||||||||||||||||||||||||||
| Total | $ | 60.0 | $ | 515.0 | $ | 502.7 | ||||||||||||||||||||||||||
(a)Amounts are net of deferred financing costs.
(b)Has a fee on unused commitments of 0.5% per year.
(c)Subsequent to December 31, 2025, $40 million of the 2031 LCR Term Loan B outstanding principal amount was repaid at a price of 103% and $5 million of 2031 LCR Term Loan A outstanding principal amount was repaid at par.
Financing and Refinancing Activity
During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the 2029 C&W RCF, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes. The credit adjustment spreads applicable to the aforementioned debt instruments are 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively.
In the tables below, non-cash activity relates to borrowings that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group.
During 2025, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, are as follows:
| Borrowing group/Borrower | Instrument | Issued at | Amount borrowed (a) | Non–cash component | ||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||
| C&W | 2027 C&W RCF (b) | N/A | $ | 117.1 | $ | — | ||||||||||||||||||||
| C&W | 2029 C&W RCF (b) | N/A | $ | 241.9 | $ | — | ||||||||||||||||||||
| C&W | 2033 C&W Senior Notes | 100% | $ | 755.0 | $ | — | ||||||||||||||||||||
| C&W | C&W Term Loan B-7 Facility | 99.5% | $ | 1,522.4 | $ | 1,510.0 | ||||||||||||||||||||
| Liberty Puerto Rico | 2030 LPR Term Loan | 96% | $ | 200.0 | $ | — | ||||||||||||||||||||
| Liberty Puerto Rico | LPR Revolving Credit Facility | N/A | $ | 226.1 | $ | — | ||||||||||||||||||||
| Liberty Costa Rica | 2033 LCR Term Loan A | 100% | $ | 65.0 | $ | — | ||||||||||||||||||||
| Liberty Costa Rica | LCR Revolving Credit Facility | N/A | $ | 61.3 | $ | — | ||||||||||||||||||||
N/A – Not applicable.
(a)Amounts borrowed are net of original issue discounts, as applicable.
(b)The 2027 C&W RCF and 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence, if any, of the refinancing of the C&W Term Loan B-6 Facility.
During 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
| Borrowing group/Borrower | Instrument | Issued at | Amount borrowed | |||||||||||||||||
| in millions | ||||||||||||||||||||
| C&W | C&W Other Facilities (a) | 100% | $ | 22.5 | ||||||||||||||||
| C&W | C&W Revolving Credit Facility (b) | N/A | $ | 275.0 | ||||||||||||||||
| C&W | 2032 C&W Senior Secured Notes | 100% | $ | 1,000.0 | ||||||||||||||||
| Liberty Puerto Rico | LPR Revolving Credit Facility | N/A | $ | 120.0 | ||||||||||||||||
| Liberty Costa Rica | LCR Revolving Credit Facility | N/A | $ | 31.0 | ||||||||||||||||
N/A – Not applicable.
(a)This borrowing is due in three annual installments beginning in May 2025.
(b)In September 2024, an extension agreement was executed on the 2029 C&W RCF, which extended the maturity date of a portion of the 2029 C&W RCF to: (i) July 31, 2027, upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility, and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility.
During 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
| Borrowing group/Borrower | Instrument | Issued at | Amount borrowed | |||||||||||||||||
| in millions | ||||||||||||||||||||
C&W | C&W Other Facilities | 100% | $ | 69.0 | ||||||||||||||||
C&W | C&W Revolving Credit Facility | N/A | $ | 40.0 | ||||||||||||||||
C&W | C&W Regional Facilities | N/A | $ | 20.0 | ||||||||||||||||
C&W | CWP Credit Facilities | N/A | $ | 10.0 | ||||||||||||||||
Liberty Puerto Rico | LPR Revolving Credit Facility | N/A | $ | 65.0 | ||||||||||||||||
Liberty Costa Rica | 2031 LCR Term Loan A | 100% | $ | 50.0 | ||||||||||||||||
Liberty Costa Rica | 2031 LCR Term Loan B | 100% | $ | 400.0 | ||||||||||||||||
Liberty Costa Rica | LCR Revolving Credit Facility (a) | N/A | $ | — | ||||||||||||||||
(a)For details on the LCR Revolving Credit Facility, see LCR Credit Facilities above.
During 2025, we made certain repurchases or repayments on the following debt instruments:
| Borrowing group/Borrower | Instrument | Redemption Price | Amount paid | Non-cash component | ||||||||||||||||||||||
| in millions | ||||||||||||||||||||||||||
| C&W | 2027 C&W RCF | 100% | $ | 109.7 | $ | — | ||||||||||||||||||||
| C&W | 2029 C&W RCF | 100% | $ | 279.3 | $ | — | ||||||||||||||||||||
| C&W | 2027 C&W Senior Notes | 100.859% | $ | 735.0 | $ | — | ||||||||||||||||||||
| C&W | C&W Term Loan B-5 Facility | 100% | $ | 1,510.0 | $ | 1,510.0 | ||||||||||||||||||||
| C&W | C&W Regional Facilities | 100% | $ | 30.5 | $ | — | ||||||||||||||||||||
| Liberty Puerto Rico | LPR Revolving Credit Facility | 100% | $ | 219.6 | $ | — | ||||||||||||||||||||
| Liberty Costa Rica | LCR Revolving Credit Facility | 100% | $ | 61.3 | $ | — | ||||||||||||||||||||
During 2024, we made certain repurchases or repayments on the following debt instruments:
| Borrowing group/Borrower | Instrument | Redemption price | Amount paid | |||||||||||||||||
| in millions | ||||||||||||||||||||
| C&W | 2027 C&W Senior Secured Notes | 100% | $ | 495.0 | ||||||||||||||||
| C&W | 2027 C&W Senior Notes | 100.859% | $ | 485.0 | ||||||||||||||||
| C&W | C&W Revolving Credit Facility | 100% | $ | 245.0 | ||||||||||||||||
| C&W | C&W Other Facilities | 100% | $ | 23.0 | ||||||||||||||||
| C&W | C&W Regional Facilities | 100% | $ | 20.0 | ||||||||||||||||
| C&W | CWP Revolving Credit Facility | 100% | $ | 10.0 | ||||||||||||||||
| Liberty Puerto Rico | LPR Revolving Credit Facility | 100% | $ | 70.0 | ||||||||||||||||
| Liberty Costa Rica | LCR Revolving Credit Facility | 100% | $ | 31.0 | ||||||||||||||||
| Liberty Latin America | Convertible Notes | a | (a) | $ | 219.2 | |||||||||||||||
(a)During 2024, we repurchased and cancelled $220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5%. In addition, we unwound $102 million of the Convertible Notes Capped Calls for immaterial value on settlement during the first quarter of 2024 and the remaining amount expired with no value on the July 15, 2024 maturity date of the Convertible Notes.
During 2023, we made certain repurchases or repayments on the following debt instruments:
| Borrowing group/Borrower | Amount paid | ||||||||||||||||||||||||||||
| Instrument | Redemption price | Borrowing currency | USD equivalent (a) | ||||||||||||||||||||||||||
| USD in millions, CRC in billions | |||||||||||||||||||||||||||||
| C&W | C&W Revolving Credit Facility | 100% | $ | 40.0 | $ | 40.0 | |||||||||||||||||||||||
| Liberty Puerto Rico | LPR Revolving Credit Facility | 100% | $ | 65.0 | $ | 65.0 | |||||||||||||||||||||||
| Liberty Costa Rica | LCR Term Loan B-1 Facility | 100% | $ | 276.7 | $ | 276.7 | |||||||||||||||||||||||
| Liberty Costa Rica | LCR Term Loan B-2 Facility | 100% | CRC | 79.6 | $ | 138.6 | |||||||||||||||||||||||
| Liberty Latin America | Convertible Notes | (b) | $ | 173.0 | $ | 173.0 | |||||||||||||||||||||||
(a)Translated at the transaction date, as applicable.
(b)During 2023, we repurchased and cancelled $182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9%. In connection with these repurchases, we unwound $182 million of the related Convertible Notes Capped Calls.
Maturities of Debt
Maturities of our debt as of December 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on December 31, 2025 exchange rates.
| C&W | Liberty Puerto Rico | Liberty Costa Rica | Liberty Latin America (a) | Consolidated | |||||||||||||||||||||||||
| in millions | |||||||||||||||||||||||||||||
| Years ending December 31: | |||||||||||||||||||||||||||||
| 2026 | $ | 328.0 | $ | 77.0 | $ | — | $ | 1.3 | $ | 406.3 | |||||||||||||||||||
| 2027 | 12.1 | 1,162.8 | — | 0.7 | 1,175.6 | ||||||||||||||||||||||||
| 2028 | 490.7 | 620.6 | — | — | 1,111.3 | ||||||||||||||||||||||||
| 2029 | 595.8 | 820.7 | — | — | 1,416.5 | ||||||||||||||||||||||||
| 2030 | 13.5 | 213.5 | — | — | 227.0 | ||||||||||||||||||||||||
| Thereafter | 3,465.6 | 32.5 | 515.0 | — | 4,013.1 | ||||||||||||||||||||||||
| Total debt maturities | 4,905.7 | 2,927.1 | 515.0 | 2.0 | 8,349.8 | ||||||||||||||||||||||||
| Premiums, discounts and deferred financing costs, net | (43.2) | (23.8) | (12.3) | — | (79.3) | ||||||||||||||||||||||||
| Total debt | $ | 4,862.5 | $ | 2,903.3 | $ | 502.7 | $ | 2.0 | $ | 8,270.5 | |||||||||||||||||||
| Current portion | $ | 328.0 | $ | 77.0 | $ | — | $ | 1.3 | $ | 406.3 | |||||||||||||||||||
| Long-term portion | $ | 4,534.5 | $ | 2,826.3 | $ | 502.7 | $ | 0.7 | $ | 7,864.2 | |||||||||||||||||||
(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.